Another volatile session with dual sided movement again.
Yesterday Nifty some very interesting moves and finally settled in positive zone.
First it opened weak and hit our very first mentioned support of 4736 and from there it reversed back to enter positive zone.
Later Nifty crossed our mentioned resistance of 4787 and then hit roof top of 4818, which was close to our second resistance which was breached on the lower side.
Now we can clearly say that Nifty is ready to hit 3rd Fibonacci retracement of 4845 by today or may be in a next few sessions.
But before that Nifty must hold 4808 in any case which was breached yesterday on closing basis.
Open Interest data and Pivotal movements indicates that Nifty saw longs creation near 4810 and short selling near 4785 which caused a closing between the two levels.
First Nifty must sustain these two levels on either side so as to retain respected movement.
If Nifty stay above 4810 with strong volume then expect Nifty to kiss 4845 levels.
We advise die hard traders to go 100% short at these levels with SL 4878.
Otherwise, if Nifty breaches 4777 level with good voluem then it may again test 4736 level which may finally result in drift towards 4700 level.
So trade with momentum and make good profit.
Good Luck!
| Important Nifty Levels for 10th Feb | ||
|---|---|---|
Nifty Pivot | 4777 | |
| Support | ||
| 4756 | 4735 | 4716 |
| Resistance | ||
| 4818 | 4837 | 4849 |
| Important BankNifty Levels for 10th Feb | ||
|---|---|---|
Nifty Pivot | 8396 | |
| Support | ||
| 8354 | 8311 | 8262 |
| Resistance | ||
| 8440- | 8485 | 8514 |
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